2025年三季度基础设施SaaS风险投资趋势（英）2025

EMERGING TECH RESEARCH Infrastructure SaaSVC Trends VC activity across the infrastructure SaaS ecosystem REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Infrastructure SaaS landscape3 Institutional Research Group Quarterly analysis4 Analysis Derek HernandezSenior Research Analyst,Enterprise SaaS and Infrastructure SaaSderek.hernandez@pitchbook.com Key takeaways4 VC activity5 AI themes6 Data Infrastructure SaaS VC deal summary20 pbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie DoanandMara Potter Published on December 18, 2025 InfrastructureSaaSlandscape DevOpsApplication infrastructureData software & systemsITOps For the complete infrastructureSaaS taxonomy and companylist,click hereto see the marketmap on the PitchBook Platform. Quarterly analysis Key takeaways •Resilient deal volume:Infrastructure SaaS reached $5.2 billion in deal value in Q3—thesecond-highest quarter for deal value since early 2023. Unlike previous spikes, this was drivenby broad sector strength rather than isolated megadeals. •AI-driven sector rotation:Capital is flooding into DevOps and application infrastructure (worth$3.6 billion combined), fueled heavily by AI coding tools. Conversely, IT operations and datasoftware saw sharp declines in deal value. •The rise of “agentic AI”:The market focus has pivoted from simple AI augmentation toautonomous, multistep workflows. This shift is backed by record capital expenditures fromhyperscalers (Google, Meta, and others) and a rush to solve identity and governance fornonhuman actors. •Muted exits, future optimism:VC exit value remained low at $1.4 billion (disclosed), withactivity restrained by limited valuation announcements. However, we have a positive outlook fora strengthening IPO market in 2026. •Consolidation of the AI stack:Industry giants are aggressively unifying physical and digitalinfrastructure. Major moves include BlackRock’s datacenter acquisitions and the operationalintegration of Hewlett Packard Enterprise and Juniper, signaling a race to own the “self-driving”network stack. AI and coding tools have propelled development operations (DevOps) and app infrastructureto the top of deal flow.DevOps and application infrastructure represented the highest deal valuein the quarter at $2.3 billion and $1.3 billion, respectively. They also reflected the highest dealcounts in the quarter, with both segments contributing 37 deals each to the total, or 34.6%. On theother hand, IT operations (ITOps) and data software & systems (DSS) both declined in deal valueover the quarter with ITOps declining 57.4% to $484.3 million with 13 deals and DSS deal valuedeclining 22.6% to $1.2 billion across 20 deals. We continue to see greater demand for applicationinfrastructure investments, especially those with exposure to AI-supplementing capabilities.We would also note that the majority of Q3 DevOps investments were driven by AI codingtools as well. VC activity Our infrastructure software-as-a-service (SaaS) segment encompasses several modernbusiness-critical segments. These include application development, data software & systems, IToperations, and digital infrastructure services. Nearly every sector of the economy today employsthese solutions, especially with the rising tides of digital transformation, Big Data, and recentadvancements in and adoptions of AI, especially large language models. Infrastructure SaaS continued to grow at a healthy pace in Q3 2025.At $5.2 billion, Q3 markedthe second-highest quarter for deal value since early 2023. Remarkably, when excludingthe two megadeals closed by Stripe in Q1 2023 and Databricks in Q4 2024, this would bethe highest deal value realized since the exuberance fueled by the COVID-19 disruption andzero-interest-rate-policy period of 2021 to 2022. This quarter was also notable for a dearth ofmegadeals (just one $1 billion deal) and a sharp decline in deal count to 107 from 141 in Q2. Thissupports the view that a wide range of dealmaking in the quarter backed an extensive range ofinfrastructure solutions, reflecting broad strength in the sector when compared with the moreconcentrated deal flow in AI startups over the past few quarters. Infrastructure SaaS VC exit value declined once more in Q3 after a soft Q2.Exits declined slightlyto 17 in Q3, down from 18 in Q2. While this remains relatively high against recent quarters, dealvalue was once more restrained by limited disclosures, with just four of the 18 companies sharingexit valuations. The deals included the $1.1 billion sale of Statsig, a digital product testing platform,with the next largest deal at $180 million for CalypsoAI, a security and orchestration platform forlarge language models. Altogether, disclosed deals totaled $1.4 billion, down from $2.5 billion inQ2 and far down from the massive spike of $19.2 billion in Q1. Although the exit count remainedmostly flat, we are more positive on the potential for addition